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Camden County commissioners direct staff to start opt-out process for new state ‘‘floating’’ homestead exemption
Summary
County staff told commissioners HB 581 — a statewide ‘‘floating’’ homestead exemption that caps annual taxable-value growth at inflation — took effect Jan. 1; commissioners signaled support to opt out and instructed staff to begin the public-notice and hearing process required to opt out by the March 1 deadline.
Camden County commissioners in a work session discussed House Bill 581, the statewide “floating” homestead exemption that took effect Jan. 1, and gave staff guidance to begin the formal process to opt the county out of the program.
Nancy (staff member) explained that Camden County already operates a voter-approved homestead-exemption freeze enacted in February 2006 that fixes a homestead’s taxable value to a base year for qualifying owners and applies only to the primary residence (and up to five surrounding acres). She told commissioners the county freeze has in recent years produced large taxpayer savings — staff presented a figure of more than $13.7 million in taxpayer savings over the last three tax years as the digest rose…
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